(a) Mr M. Musanje started in business on 1 August 2019, with K60,000 capital in ensh. During the first year he kept very few records of her transactions, The assets and liabilities of the business at 31 July 2020 were: K Freehold premises Mortgage on the premises Inventory Accounts receivable Cash and bank balances Accounts payable 160.000 120.000 50.000 4,000 8,300 14,000 During the year, Musanje withdrew K25,000 cash for her personal use but he also paid K8,000 received from the sale of his private car into the business bank account Required: From the above information, prepare a statement of financial position showing the financial position of the business at 31 July 2020 and indicating the net profit for the year. (10 marks) (b) Ladsons is a limited liability company which has just been incorporated. The director of the company has heard of the requirement to comply with International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs). He is not, however, sure how useful compliance to the standards in issue would be, and whether international harmonization of accounting standards is practical Required: . ii. Explain the extent of application of IAS/IFRSs to companies in a country such as Zambia, (2 marks) Give four (4) benefits of global application of International Accounting Standards. (6 marks) Give two (2) reasons why there is been challenges to global application of International Accounting Standards, iii. (2 marks) (Total: 20 marks)